This is why i am BEARISH:
* BTC is trending in the blue descending channel
from July 2019 (Bearish)
* Currently it finds in a rising wedge (brown) -
* It encounters the top of the descending channel
which probably would push it down.
* A huge falling wedge (black) is busy forming
to support my Bearish bias
* We still have a gap to close at $3570
Gold finds itself in a Rising wedge (which
is a Bearish sign)
There is a potential H&S forming to take it
higher but once the resistance at Target 1
is broken we may see a significant drop in price
My thinking is that leg B of correction ABC is
completed and we can drop to current
position C or even lower
Very interesting chart
The MA 21 (orange) acts as resistance
The MA 200 (blue) acts as support
We find ourselves in a falling wedge which
means we can expect Bullish movement.
However, since the RSI shows a Bearish
divergence and we got rejected by the local
resistance and top trend line of the wedge, my
thinking is that we will drop once more to the
A lot of sideways movement taking place and
the pound finds itself on the current support.
If the support holds we should see upwards
movement to the resistance at D.
We may either break through the resistance at D
or come down one more time to E before turning
A 50% retracement will take the price
to 1.089 while a 60% retracement will take
it down to 1.083
There is also a rising wedge forming to
guide it to the 50% retracement.
Should it go past the bottom of the wedge
a Bulls flag will take it to the 60% retracement
According to my count we still have a leg up.
Price action is taking place in the red ascending
channel and a BULLS flag (orange) is also forming.
The BULLISH move is also supported by the Bullish
divergence (blue) on the RSI
The MA 40 on the weekly chart seems to
serve as a sufficient support / resistance
throughout the chart.
Every time there is a significant drop below
the MA 40 price action tempt to get back to it.
Although overall price action is in a down
trend i believe it will be heading straight
back to the MA 40 as soon as the median of the
descending channel is...
Will price follows the orange ABC and goes
to around $150 - $160 before it turns around and
fall out of the rising wedge or will it follow the
blue ABC and fall out of the wedge sooner.
The reason why i think it will go to at least $150
is because of the two RSI support lines that
coincide and it may again serves as support for a rise in
price before it...
Two weeks ago BTC fell back into the the blue
descending channel like a hot knife through
Now it tries to break out again but the Rising
wedge (purple) and the Bearish divergence on
the RSI make me believe the top of the
channel is going to be too strong to get through.
BTC may first go down to the long term support
(black) to close the gap at $3570 before...
Good time to buy?
* Currently sitting on a very strong support
and most probably will bounce from here.
* It has retraced exactly to 0.786 Fib line
* At the bottom of he purple channel
* At the bottom of a falling wedge
* RSI only manage to broke the current
support once before and most probably
will bounce from here
USDAUD showing some Bullish signs
1) RSI - Bullish Divergence
2) Stoch - Oversold condition
3) Price action - Falling wedge
4) MA200 - Four (4) times in succession the price
bounced from the MA200 - Will it happens
a fifth time?